单选题Which action is most likely considered a secondary source of liquidity?
单选题The most likely reason derivative markets have flourished is that
单选题Would projecting future financial performance based on past trends provide a reliable basis for valuation of the following firms? Firm 1: A rapidly growing company that has made numerous acquisitions and divestitures. Firm 2: A large, well-diversified, company operating in a number of mature industries. Firm 1 Firm 2 ①A. No No ②B. No Yes ③C. Yes Yes
单选题An analyst gathers the following information about a companys common stock:
1 January 2011 200,000 shares outstanding
1 June 2011 50,000 shares issued
1 August 2011 2 for I stock split
31 December 2011500,000 shares outstanding
To calculate earnings per share for 2011, the companys weighted average number of shares outstanding is closest to:
单选题The supply of money is primarily determined by:
A. inflation.
B. the monetary authorities.
C. interest rates.
单选题Which of the following statements best describes marking-to-market of a futures contract? At the: A. end of the day, the maintenance margin is increased for traders who lost and decreased for traders who gained. B. conclusion of each trade, the gains or losses from all previous trades in the futures contract are tallied. C. end of the day, the gains or losses are tallied to the trader's account.
单选题An investor is concerned about interest rate risk. Which of the following bonds has the least interest rate risk? The bond with: A. 5% yield and 10-year maturity. B. 5% yield and 15-year maturity. C. 6% yield and 10-year maturity.
单选题An analyst does research about Bollinger Bands. With respect to technical anaIysis indicators, Bollinger Bands depict a set number of standard deviations from: A. average return. B. average price. C. average volume.
单选题An analyst does research about risk management applications of option strategies. With respect to option strategies, the shape of the graph that illustrates both the value at expiration and profit for buying a call is most similar in shape to the graph for: A. selling a put. B. a covered call position. C. a protective put position.
单选题Which of the following statements about proxy statements is least accurate? Proxy statements are: A. issued to shareholders when there are matters that require a shareholder vote. B. not filed with the SEC. C. a good source of information about the qualifications of board members and management.
单选题A hedge fund that seeks to invest in the equity and debt of companies emerging from bankruptcy reorganization can best be described as a (n):
单选题Consider a 1-year quarterly-pay $1000000 equity swap based on
90-day London Interbank Offered Rate (LIBOR) and an index return. Current LIBOR
is 3.0 percent and the index is at 840. Below are the index level and
LIBOR at each of the four settlement dates on the swap.
Q1
Q2
Q3
Q4
LIBOR
3.2%
3.0%
3.4%
3.9%
Index
881
850
892.5
900 At the final
settlement date, the equity-return payer will:
A. pay $97.
B. pay $16903.
C. receive $97.
单选题Which of the following would be most useful as a leading indicator to signal the start of an economic recovery?
单选题Approximately 90% of all observations for a normally distributed random variable fall in the interval:
单选题Assume an investor is in the 33% marginal tax bracket. He is
considering the purchase of either a 8.2% corporation bond that is selling at
par or a 5.6% tax-exempt municipal bond that is also selling at par. Given that
the two bonds are comparable in all respects except their tax status, the
investor should buy the:
A. corporate bond, since its after-tax yield is higher.
B. corporate bond, since it has the higher yield of 6. 3%.
C. municipal bond, since its taxable-equivalent yield is higher.
单选题Jesse, CFA, is an exam proctor for the Level Ⅰ CFA exam. The day before the exam is to be administered, Jesse faxes a copy of one of the questions to two friends, Richard and Patrick, who are Level Ⅰ candidates in the CFA program. Jesse, Richard, and Patrick has planned the distribution of an exam question months in advance. Richard used the fax to prepare for the exam. Patrick, however, had second thoughts and threw the fax away without looking at its contents. Which of the following statements is most likely correct?
单选题Inregardtotheaggregatedemandcurveandanincreaseinoneofitsassociatedfactors,whichofthefollowingrelationshipsisleastaccurate?
单选题A stock's abnormal rate of return is defined as the: A. expected risk-adjusted rate of return minus the market rate of return. B. actual rate of return less the expected risk-adjusted rate of return. C. the market rate of return less the actual rate of return.
单选题An analyst does research about duration and gathers the following information about the price sensitivity of an option-free bond: Price($) Yield 98.90 5.25% 96.70 5.50% 94.88 5.75% The duration of the bond is closest to: A. 4.2 B. 8.3 C. 16.6
单选题Daniel Blair recently joined an investment club with several of his coworkers. Members of the club are generally quite conservative and are unwilling to invest in debt securities with credit ratings below AA. New investments are always evaluated in the context of the overall portfolio. Based on the attributes of the investment club members, they will most likely pursue an investment strategy that: A. attempts to reduce a portfolio's standard deviation through diversification. B. seeks the lowest risk securities. C. tries to totally eliminate systematic risk.